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Oil & Gas Technical Compendium

EIA projects $43 oil, flat U.S. production in the first half of 2021

The U.S. Energy Information Administration reported that a record 12.9 million barrels per day (bpd) of crude oil was produced in the United States in November 2019 and was at 12.7 million bpd in March 2020, when the President declared a national emergency concerning the COVID-19 outbreak. Crude oil production then fell to 10.0 million bpd in May 2020, the lowest level since January 2018.By August, the latest monthly data available in EIA’s series, production of crude oil had risen to 10.6 million bpd in the United States, and the U.S. benchmark price of West Texas Intermediate (WTI) crude oil had increased from a monthly average of $17 per barrel (b) in April to $42/b in August. EIA forecasts that the WTI price will average $43/b in the fi.....

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